Dow closes down another 5%

This on a day where the Fed announced they would take the extraordinary step of buying short-term commercial paper in hopes of unlocking the credit markets.

The Dow is now lower than when George Bush first took office.

As I write this, the Nikkei (Japan) is down 4.5% and the Hang Seng (China) is down 5% in trading on 10/08. The carnage continues.